Crude Resumes Downtrend
Short and medium term risk is to the downside. The recent little bounce looks very corrective with an "abc" structure retracing a modest Fib .382 of the 1st leg down; as suggested in the last post.
click to enlarge
Could it continue to chop to the upside? Sure, but it has already caused significant technical damage on the downside by overlapping the $47 level highs. Confirmation will be overlapping $44.
Expect more of the same and new lows likely to boot.
However ....I love WTI under $38. Like at $36 which would be .81 retrace of 9.75 to 148 , scale down to $32.56 which is a straight 78% off $148.